PHILADELPHIA — Rubenstein Partners has closed three new office leases, totaling 36,738 square feet, at One Washington Square in Philadelphia’s Center City. Berkshire Hathaway HomeServices Fox & Roach REALTORS has relocated to 20,443 square feet; The Foundation for Individual Rights in Education Inc. has leased 12,605 square feet; and AKRF Inc. has leased 3,690 square feet at the 850,000-square-foot office property. Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, as well as a capital investment program, for the property. Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank represented Rubenstein Partners in the transaction. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner of The Flynn Company.
The Atlanta office market continues to gain steam. Although Atlanta was slower to rebound from the recession than many U.S. markets, it was only a matter of time before the city’s numerous strengths — including its low cost of living, pro-business environment, excellent labor pool, above-average household income and strong university systems — placed it on a path of sustained recovery. The Atlanta office market has posted 13 consecutive quarters of occupancy gains. Strong absorption and limited development are exerting upward pressure on rental rates, particularly in the Class A market. There are also some significant new trends. While there was previously a clear “flight to quality” that enabled tenants to take advantage of rent bargains and concessions at Class A properties, diminishing space options and the pricier rental rate environment are causing tenants to consider Class B properties as a more economically viable alternative. Still, it is yet another sign of the overall recovery in Atlanta’s office sector that we are seeing an increase in rental rates and a decrease in landlord concessions in the Class B sector as well. The rebound of Atlanta’s office sector is not lost on investors. Strong tenant demand and the rise in rental …
HOUSTON — NAI Partners has represented Pexco LLC in the disposition of its 129,325-square-foot industrial office and warehouse facility on 11.9 acres located at 12955 Emmett Road in Houston. John Ferruzzo and Nick Peterson of NAI Partners represented the seller, Pexco, during the negotiations, while Barrett Gibson and Jason English with Colliers International represented the buyer, Parker-Hannifin Corp.
CHARLOTTE, N.C. — Marcus & Millichap has brokered the $9.3 million sale of a two-story office building at 2800 Westoak Drive in Charlotte. The property is located within the Westoak Business Park, which is within one mile from Charlotte-Douglas International Airport. The 48,000-square-foot property is fully leased to Acosta Inc., a national sales and marketing company for consumer packaged goods companies. Douglas Mandel, Scott Sandelin and Marcos Puente of Marcus & Millichap represented the seller, a limited liability company based in Ponte Verda Beach, Fla. The buyer is a partnership based in San Diego.
LOS ANGELES – Illusion LLC has renewed its lease for 6,987 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Illusion LLC is a records storage facility. The building is owned by the Swig Company.
CHICAGO — Chicago-based Amata Office Solutions has completed the renovation of its shared office/co-working center at 150 N. Michigan Ave. in Chicago’s East Loop. The renovation included the upgrades of 55 private offices and the reconfiguration of common areas to offer a greater variety of workspaces catering to the increasingly mobile workforce. The renovated center features modern lounges with breakout rooms, micro offices for short-term use and a separate workroom with unassigned seating for persons participating in Amata’s co-working program, which offers 24/7 access to all common areas and amenity spaces.
ATLANTA — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold a 17-story office building located at 201 17th St. in Atlantic Station, a mixed-use district in Midtown Atlanta. Since acquiring the property in 2012, the fund has increased the building’s occupancy from 48 percent to 91 percent. Technology companies migrating to Midtown Atlanta comprise the majority of the newly added tenants at the office tower, according to CBRE. In December, Worldpay US, an online card processing services firm based in London, leased six floors at 201 17th St. for its U.S. headquarters.
ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.
HOUSTON — National Asset Services (NAS) has arranged the sale of 602 Sawyer St. on behalf of 22 tenant-in-common co-owners. The property, an 85,923-square-foot, seven-story office building, is located in the Midtown submarket of Houston. The tenant-in-common investors purchased the property in 2008. Originally built in 1982, the office property underwent renovations in 1999. NAS represented the tenant-in-common group during the negotiations that resulted in the sale for an undisclosed amount to Houston-based Griffin Partners, who represented themselves in the transaction. NAS assumed asset management responsibility of the property in February 2013 and oversaw several property improvement projects including a remodeling project of the corridors, elevator cabs and restrooms. Prior to the sale, NAS renewed the lease of one of the property’s major tenants, the Houston Police Officer’s Pension System, for a 12,670-square-foot space. At the time of sale, the property was 92 percent leased.
ANN ARBOR, MICH. — Oxford Cos. has acquired McMullen Properties, a 704,000-square-foot portfolio of office properties located on the south side of Ann Arbor, from a local undisclosed seller. Valued at more than $100 million, the portfolio includes 22 buildings in three separate business parks: Atrium Office Center, Eisenhower Commerce Center and Valley Ranch Business Park. At the time of sale, the portfolio was 98 percent occupied by a variety of tenants, including University of Michigan, St. Joe’s, Nexient and Google. Additional terms of the transaction were not released.